The President of the Victoria Real Estate Board says while the BC Government made some progress with changes to the speculation tax -- they also don't go far enough.
Kyle Kerr says excluding the Gulf Islands and Juan de Fuca is a positive thing for that area and their economies -- but there is a greater concern for homeowners in areas where the tax will apply:
" We do still feel that this is a punitive tax, and I think the bigger concern for us is the overall kind of mandate that the government is on record saying, that they want to devalue the property values of homes in these major urban areas. And that causes a lot of concern for us because they're talking about taking away equity from current home owners."
Kyle Kerr says while the finance minister maintains less than 99% of British Columbians will have to pay the tax -- artificial devaluing of the market affects everyone.
" Anytime that we see an artificial devaluing of the market there is a lot of unintended consequences. And I think even people who aren't charged this tax, they could see a loss in equity and a very challenging financial situation if the continuation of the processes are brought forward."
Kerr says a lot of homeowners likely don't understand what the purpose of the taxes are. And he says they stand to be negatively affected if the government continues to pursue this path.